Montana ranked #1 in starting a small business by The Motley Fool

You’ll see more and more businesses pop up around Montana as a new wave of people are looking to call it home.

As 3.2 million Americans look to start a new business, The Blueprint from The Motley Fool says you need to take into consideration six key factors.

They say location matters more than you think and you need to keep in mind taxes, consumer spending, the number of new businesses, survival rate and even the climate.

And they ranked Montana number 1 in the nation to start a small business.

1. Montana

Total Score: 7.39
Tax Climate: 6.23
Consumer Spending in State: 4.93
Rate of New Entrepreneurs: 9.21
Business Survival Rate: 8.55
Labor Costs: 7.56
Climate: 9.37

Montana’s Department of Commerce welcomes small businesses, offering a variety of resources for new business owners. The best state to open a business in 2021, Montana scores high in several areas, including the number of new businesses calling Montana home. A five-year business survival rate of 53.4% puts the odds of success in your favor.

With a median annual income of $57,153, labor costs should be reasonable, and geographically, Montana holds little risk of natural disasters, with forest fires the major culprit in 2020.

Montana’s corporate tax climate is not as optimal as it could be, with a corporate tax rate of 6.75%, while the individual income tax rate tops out at 6.9%. Montana does not currently have a state sales tax. Consumer spending is also on the rise, going from $41.4 million in 2017 to $45.3 million in 2019, a 9.2% increase, with the state on an upward trend.

COVID-19 has also impacted Montana, with 8,107 cases per 100,000 residents as of January 12, 2021, fairly high for the region, and with cases still rising.

Full Story

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Welcome to the Official Montana Office of Tourism and Business Development Website! 

Montana is the best state to live, work, and play, and the Montana Department of Commerce is committed to growing our economy through the development and promotion of business and industry all across the state.

The Montana Office of Tourism and Business Development markets Montana’s spectacular unspoiled nature, vibrant and charming small towns, breathtaking experiences, relaxing hospitality, and competitive business climate to promote the state as a place to visit and do business. Its goal is to sustain and enhance the quality of life for all Montanans and their communities by strengthening the economy through job creation and business development.

Together with other divisions of the Montana Department of Commerce and partners around the state, MOTBD’s programs aim to support businesses through technical assistance, research, and access to grants and loans while inspiring visitation to maximize the economic impact of tourism, encourage private sector investment and ensure that Montana is a great place to live, work and play today and for future generations.

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Montana Governor’s Office of Economic Development

The Montana Governor’s Office of Economic Development is charged with supporting the business community and workforce of the state to grow the economy. To that end, the Office commonly serves as the single point of contact for businesses that are interested in relocating to or expanding in Montana. The Governor’s Office of Economic Development also advises the Governor on economic policy, and houses business or workforce-related special projects.